Spain's Popular raises capital, buys stake in Mexico's BX+

MADRID Wed Dec 11, 2013 9:09am EST

MADRID Dec 11 (Reuters) - Banco Popular said on Wednesday it would carry out a capital increase of up to 450 million euros and use the cash obtained to buy a stake in Mexican financial group BX+ and boost its core capital ratio.

The bank said the capital hike, worth about 6 percent of its shares, would be subscribed by shareholders in BX+ and other Mexican business people while it will buy a 24.9 percent stake in BX+ for about 97 million euros ($134 million).

Trading in Popular shares was suspended at around 1340 GMT. It will resume at 1430 GMT, Spain's stock market regulator said in a separate statement.

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